People who work on the street come from all over and as you SHOULD know, the Christmas/end of the year bonuses are what fuels the N.Y. housing market as well as luxury goods.
I still have vivid memories of 92 etc. when real estate tanked.
Also, in the course of my oh so hectic social schedule I talk to a lot of people. Contracts are being re-negotiated downward, the stuff under $2 mil is staying on the market longer.
The one building that I recently heard of prices actually rising was Courtney Love's building when she moved out.